Wall Street plunges on suffering tech shares
U.S. shares declined after a turbulent performance on Thursday. This followed after technology stocks reversed from a sharp recovery and resumed their decline. Meanwhile, increased unemployment claims projected a bumpy recovery ahead.
Apple Inc, Microsoft Corp, and Amazon.com all recorded a 2.8% loss. Shares of these companies plunged after rallying from March lows. However, Tesla Inc had seen a 1.4% increase, capping the Nasdaq’s losses before the tech-reliant index dropped further.
The NYSE FANG+TM Index tallied a 1.8% decline, while all 11 sectors of the S&P 500 reached low levels. Meanwhile, Wall Street’s major indexes recovered from their sharpest three-day decline on Wednesday. The jump followed after investors sought safer assets and returned to tech-related shares.